Friday, September 30, 2022

Vietnamese digital health startup Jio Health nets $20M in Series B round

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Jio Health, a digital healthcare provider in Vietnam, has scored $20 million in a Series B funding round led by health-focused investor Heritas Capital from Singapore. 

The investing round was also joined by Fuchsia Ventures, Kasikorn Bank Group, and Monk’s Hills Ventures, which previously led its Series A round in 2019 when it raised $5 million.

WHAT IT DOES

Launched in 2014, the digital health startup operates an online and offline healthcare ecosystem. On the digital side, it provides telemedicine and e-prescriptions via its mobile app on Android and iOS devices. On the physical side, it runs smart clinics and over 300 Jio-branded neighbourhood pharmacies, as well as offers on-demand home care.

It provides health services, including primary care, chronic disease management, paediatrics and ancillary care services, through 150 multi-specialty care providers on its platform. 

WHAT IT’S FOR

According to a press statement, its fresh funds will be used to reach more consumers and employers and launch more smart clinics across Vietnam, as well as support its plan of entering regional markets “over the coming years”.

It will also deploy its latest investment into growing its provider and clinical support teams and upgrade its technology platform.

MARKET SNAPSHOT

Asia’s consumer-centric digital health ecosystem continues to grow, mainly driving the region’s overall digital health market growth to around $100 billion by 2025 from $37 billion in 2020, as projected by McKinsey & Co. 

Singapore-based startups have attracted investments the most since the start of the year, such as health tech firm MiyaHealth and mental health-focused brands MindFi and Intellect

But other Asian players have also drawn investors’ attention, such as the Indonesian weight loss app Sirka, which closed a $2.6M seed funding round last month, and H2U Corporation, a digital workplace health-focused company in Taiwan, which snapped up $8 million from Foxconn in January.



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